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Variable and Absorption Costing-Service Company Tech Helpers Company prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Tech Helpers provides a personal computer maintenance service that is sold for $100. The variable and fixed cost data are as follows: Direct labor $25.00 Overhead Variable cost per unit $5.00 Fixed cost (annual) $240,000 Marketing, general and administrative Variable cost (per service contract completed) $5.00 Fixed cost (annual cost) $20,000 During 2019,4,500 service contracts were started and 5,000 service contracts were completed. At the beginning of 2019, Tech Helpers had 500 service contracts in process at a per-unit cost of $90 in beginning work-in-process inventory. a. Calculate reported income for management. Do not use negative signs with any answers. Absorption Costing Income Statement Sales 500,000 Cost of Goods Sald: Beginning Inventory 45,000 Variable Costs 135,000 Fixed Costs 240,000 Less: Ending Inventory 0 Cost of Goods Sold 420,000 Gross profit 80,000 Selling expense 25,000 Administrative expense 20,000 Net Income 35,000 500,000 b. Calculate reported income for the bank. Do not use negative signs with any answers. Variable Costing Income Statement Sales Cost of Goods Sold: Beginning Inventory 45,000 x Variable Costs 135,000 Less: Ending inventory 0 Variable cost of goods sold Variable selling expense Contribution margin Fixed costs: Overhead cost 240,000 Administrative Expense 20,000 Total Fixed Cost Net Income $ 165,000 x 25,000 310,000 x 240,000 x 70,000 x